TechFlow reports that Australian regulators plan to incorporate stablecoin legislation into the digital asset industry's legislative bill.
A representative from the Australian Securities and Investments Commission (ASIC) said they have held meetings with regulatory bodies such as the U.S. Securities and Exchange Commission to discuss the legal stance on cryptocurrencies.
The Australian Treasury plans to release draft legislation by the end of 2024, covering licensing and custody rules for crypto-asset providers, which may include a regulatory framework for stablecoins.
ASIC stated it will continue providing guidance and warned crypto entities to comply with precedents set by recent cases brought against cryptocurrency firms. Blockchain Australia has now rebranded as the Digital Economy Council of Australia (DECA), expanding its membership categories to include banks.
